(1) In GEN Rule 2.2.2,
Providing Money Services means:
(a) providing currency exchange;
(b) providing Money Transmission;
(c) providing or operating a Payment Account;
(d) executing Payment Transactions on a Payment Account provided or operated by another Person;
(e) issuing Payment Instruments; or
(f) issuing Stored Value.
(2) In this Rule:
(a) “Money Transmission” means the transmission of money or monetary value, without a Payment Account being created in the name of the payer or the payee, where funds are:
(i) received from a payer for the sole purpose of transferring a corresponding amount to a payee or to another Payment Service Provider acting on behalf of the payee; or
(ii) received on behalf of, and made available to, the payee.
(b) “Payment Account” means an account held in the name of one or more Users which is used to execute Payment Transactions;
(c) “Payment Instrument” means a:
(i) personalised device; or
(ii) personalised set of procedures agreed between the User and the provider,
that is used by the User to initiate a Payment Order;
(d) “Payment Order” means an instruction by a payer or payee to their respective Payment Service Provider requesting the execution of a Payment Transaction;
(e) “Payment Service” means an activity referred to in (1)(b),(c),(d) or (e);
(f) “Payment Service Provider” means a Person providing a Payment Service;
(g) “Payment Transaction” means an act initiated by the payer or payee, or on behalf of the payer, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and payee;
(h) "Stored Value" means any electronically (including magnetically) stored monetary value as represented by a claim on the issuer which is issued on receipt of funds or other assets for the purpose of making Payment Transactions, but does not include monetary value that can be used only to pay for goods or services referred to in GEN Rule 2.6.4.